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Gold and Silver Prices Weekly Outlook for April 2-6

March 31, 2012

Here is a short overview and a forecast for the upcoming week of April 2nd to April 6th; this includes a short description of the main news items, public speeches, and events that may have affect precious metals prices during last week; in this analysis I use charts and a fundamental analysis to analyze how (if at all) last week’s events and financial publications affected the direction of gold and silver prices.

During last week gold price slightly increased by 0.4%; furthermore, Silver, much like gold, moderately rose by 0.66%; last week’s average price reached $32.13/t oz for silver the average gold price reached $1,672 /t.Gold price ended the week at $1,671 /t. oz.

By the end of March both metals ended the month with slight falls on a monthly scale: gold price edged down by 2.3% and silver by 6.23%. During the beginning of the week, the market sentiment has shifted a bit during the beginning of the week after Bernanke’s speech regarding his concerns over the future progress of the labor market. This speech rekindled the speculations of another QE progress. This sentiment, however seems to have dissipated very soon because after the sharp gains for both metals on Monday, they have continued to zigzag throughout the rest of the week.

The Euro edged up again against the U.S dollar during last week by 0.61% (on a weekly scale); on the other hand, other “risk” currencies mainly the Australian dollar sharply depreciated against the U.S dollar by 1.1%. Since these currencies pairs are strongly linked with bullion prices they may have been among the reasons for the sharp shifts of gold and silver prices throughout last week.

The video link above provides a broad forecast for the main news, public speeches and events that may affect gold and silver prices during the week of April 2nd to April 6th; the video includes reviewing the main reports, events, decisions and news items that will come out during the upcoming week. Some of these reports and events include: U.S. manufacturing PMI, GB rate decision, minutes of last FOMC meeting, GB manufacturing production, DCB rate decision, U.S non-farm payroll report, RBA cash rate decision, EU unemployment rate, G7 meeting, and U.S. jobless claims weekly update (just to name a few).